Baghdad: Eight OPEC+ countries, including Iraq, have decided to increase their oil production in July. This increase amounts to 411,000 barrels per day above the levels recorded in June.

According to National Iraqi News Agency, the OPEC+ group announced that the countries involved in this production adjustment are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Algeria, the Sultanate of Oman, and Kazakhstan. The group emphasized that this decision follows positive market indicators, such as the decline in global oil inventories and improved economic prospects. These factors have enabled the concerned countries to adjust their production to promote balance in the energy market.

The statement further detailed that these countries had previously committed to an additional production cut of 1.65 million barrels per day, a commitment set to continue until the end of 2026. Since April, they have been gradually easing additional production restrictions of 2.2 million barrels per day. The increase planned for July follows similar production increases undertaken in May and June, each amounting to 411,000 barrels per day, forming part of a gradual strategy to adjust production levels.